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Stocks, SPACs Lower in Down Market Day

Voting and redemption results start to trickle in for 8 SPAC votes today. TradeUP strikes deal with Eurasian bitcoin mining operator SAITECH.

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Equities took a tumble on Tuesday as tech shares faltered and the Nasdaq closed down in excess of 2%. SPACs also fell, although given where they are currently trading, not a massive move. The average pre-deal SPAC remains heavily discounted in the $9.80 range, and remains a healthy yield, risk/reward play. 

Reminder, 7 SPACs held their merger votes today. We'll continue to keep an eye out for redemption details (DMYI has announced just 2.5%) and keep you updated. Here is how they fared today in trading:

-0.3% $ 10.01 | STPC - Star Peak Corp II --> Benson Hill, Inc.
+5.7% $ 10.64 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
-1.1% $ 9.85 | SPFR - Jaws Spitfire Acquisition Corporation --> VELO3D
-7.3% $ 11.07 | DMYI - dMY Technology Group Inc III --> ionQ, Inc. | 2.5% redeemed
-1.6% $ 9.53 | PTK - PTK Acquisition Corp. --> Valens Semiconductor | 74% redeemed
-1.98% $ 9.94 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd
+0.4% $ 10.41 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences

Look out for some potential gamma squeezes if there happens to be large redemptions from any of the above names. 

Also today, THCA held their extension vote to push their deadline out from 9/30/2021 to 12/31/2021. They closed up 0.1% to $10.12. 

Lastly, this morning did see a new deal announcement as TradeUP Acquisition announced a $228M deal for Eurasia based bitcoin mining operator SAITECH. TUGC closed up +1.9% to $9.82.

SPAC IPOs

Two new issues hit the tape today.

  • Berenson Acquisition (BACA/U) fell -1.6% to close at $9.84. In almost a rare move these days their trust is NOT overfunded
  • Parabellum Acquisition (PRBM/U) closed flat at $10.00, 10c below NAV given their trust is overfunded at $10.10. 

Today's Price Action

Biggest Gainers

5.66% ~ $ 10.64 | GLEO - Galileo Acquisition Corp. (Announced)
4.10% ~ $ 10.41 | MAAC - Montes Archimedes Acquisition Corp (Announced)
2.20% ~ $ 12.56 | FST - FAST ACQ CP (Announced)
1.87% ~ $ 9.82 | TUGC - TradeUP Global Corp (Announced)
1.42% ~ $ 10.00 | HLXA - HELIX ACQUISITION CORP (Pre-Deal)
1.28% ~ $ 9.81 | OHPA - Orion Acquisition Corp. (Pre-Deal)
1.06% ~ $ 10.06 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
1.03% ~ $ 9.82 | ASPA - Abri SPAC I, Inc. (Pre-Deal)
.77% ~ $ 9.83 | MTAL - Metals Acquisition Corp (Pre-Deal)
.72% ~ $ 9.73 | PICC - Pivotal Investment Corporation III (Pre-Deal)
.72% ~ $ 9.83 | YTPG - TPG Pace Beneficial II Corp. (Pre-Deal)
.68% ~ $ 10.37 | GSAH - GS Acquisition Holdings Corp II (Announced)
.62% ~ $ 9.75 | CHAA - Catcha Investment Corp (Pre-Deal)
.62% ~ $ 9.78 | ROSS - Ross Acquisition Corp II (Pre-Deal)
.62% ~ $ 9.80 | MEAC - Mercury Ecommerce Acquisition Corp (Pre-Deal)
.61% ~ $ 9.89 | UPTD - TradeUP Acquisition Corp (Pre-Deal)
.53% ~ $ 9.95 | OTEC - OceanTech Acquisitions I Corp. (Pre-Deal)
.52% ~ $ 9.75 | FRW - PWP Forward Acquisition Corp. I (Pre-Deal)
.51% ~ $ 9.78 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.83 | GAPA - G&P Acquisition Corp. (Pre-Deal)

Biggest Losers

-8.70% ~ $ 9.03 | SV - Spring Valley Acquisition Corp (Announced)
-7.29% ~ $ 11.07 | DMYI - dMY Technology Group Inc III (Announced)
-4.64% ~ $ 9.25 | LATN - Union Acquisition Corp. II (Announced)
-3.83% ~ $ 9.83 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
-3.80% ~ $ 9.87 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
-3.50% ~ $ 9.65 | PFTA - PORTAGE FINTECH ACQUISITION CORP. (Pre-Deal)
-3.07% ~ $ 11.70 | TDAC - Trident Acquisitions Corp (Announced)
-3.05% ~ $ 9.60 | AMCI - AMCI Acquisition Corp. II (Pre-Deal)
-1.97% ~ $ 9.94 | CAHC - CA Healthcare Acquisition Corp. (Announced)
-1.55% ~ $ 9.53 | PTK - PTK Acquisition Corp. (Announced)
-1.43% ~ $ 9.68 | XPAX - XPAC Acquisition Corp (Pre-Deal)
-1.34% ~ $ 10.31 | GGPI - Gores Guggenheim, Inc (Announced)
-1.25% ~ $ 10.26 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-1.10% ~ $ 9.85 | SPFR - Jaws Spitfire Acquisition Corporation (Announced)
-.84% ~ $ 10.58 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-.82% ~ $ 9.68 | TRTL - TortoiseEcofin Acquisition Corp. III (Pre-Deal)
-.82% ~ $ 9.70 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
-.82% ~ $ 9.70 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)

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